Gold prices rose on Friday, June 18, but are heading towards recording the worst weekly performance since March 2020 after the US Federal Reserve\u2019s shift towards a monetary tightening tone caused the dollar to rise and negatively affected the attractiveness of the yellow metal.<\/p>\n\n\n\n
And gold rose in spot transactions 0.5% to $ 1781.96 an ounce, but it was down 5% for the week. US gold futures gained 0.5% to $1,782.70.<\/p>\n\n\n\n
The US Federal Reserve indicated that it will consider reducing its asset purchase program at each meeting it holds, and has brought forward expectations of the first post-pandemic interest rate increases to 2023.<\/p>\n\n\n\n
After the monetary tightening comments from the Federal Reserve, the dollar jumped to a two-month high and is heading for its best week in nearly nine months.<\/p>\n\n\n\n
Although gold is seen as a hedge against inflation, higher interest rates will reduce its attractiveness as it means that the opportunity cost of holding it will increase.<\/p>\n\n\n\n
As for other precious metals, palladium gained 1.9% to $ 2543.61 an ounce, but it is heading towards the worst week since late March, after a sharp decline recorded on Thursday.<\/p>\n\n\n\n
Silver rose 0.7% to $26.09 an ounce, but it is down more than 6% for the week. And platinum rose 0.6% to $ 1064.77.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices rose on Friday, June 18, but are heading towards recording the worst weekly performance since March 2020 after the US Federal Reserve\u2019s shift towards a monetary tightening tone caused the dollar to rise and negatively affected the attractiveness of the yellow metal. And gold rose in spot transactions 0.5% to $ 1781.96 an …<\/p>\n","protected":false},"author":9,"featured_media":31385,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6874],"class_list":["post-47186","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-gold"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/47186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=47186"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/47186\/revisions"}],"predecessor-version":[{"id":47187,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/47186\/revisions\/47187"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31385"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=47186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=47186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=47186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}